Polish prosecutors have charged Roman Ż., a former business partner of missing crypto exchange founder Sylwester Suszek, with fraud and one other offense, marking the fifth suspect in the widening investigation into the collapse of Zondacrypto. The charge underscores the severity of the probe into the exchange, which left over 1 million users with estimated losses of at least $94 million after trading halted in April.

Market Context

The investigation centers on Zondacrypto, formerly known as BitBay, a major European exchange that rebranded in 2021. The platform suspended trading in April after customers reported frozen or delayed withdrawals. Prior to the collapse, the exchange had revealed payment delays in late February and suspended bitcoin deposits on March 17, citing market volatility, before its website went dark. Estonia’s financial intelligence unit partially suspended the license of BB Trade Estonia OÜ, the entity behind the brand, barring it from accepting new assets.

Analysis

Authorities have merged the investigation into the exchange's collapse with the inquiry into Suszek’s disappearance in March 2022. Prosecutors stated that the circumstances surrounding the creation and operation of BitBay could help establish what happened to Suszek, who served as CEO before leaving the company. Roman Ż. was arrested in Poland’s Silesian region, with prosecutors citing flight risk due to his planned travel to China. His lawyer, Błażej Gazda, confirmed that Ż. denied the charges and provided investigators with an extensive account. The probe has expanded beyond the exchange's immediate failure, with police seizing valuable watches and documents connected to Zondacrypto during searches.

Key Numbers

- Estimated customer losses: At least 350 million zlotys ($94 million)

- Registered users affected: More than 1 million

- Complaints received by June: Over 3,600

- Frozen assets: 4 million euros in a single bank account

- Suspects charged: 5 (including Roman Ż., Radosław Piesiewicz, Rafał Z., Jaromira W., and Anna P.)

- Timeline: Rebrand in 2021, Suszek disappearance in March 2022, trading halt in April 2026

What to Watch

A court will decide whether Roman Ż. should remain in pretrial detention while the investigation continues. The probe has been extended into next year, and authorities are scrutinizing the role of other figures, including Radosław Piesiewicz, president of the Polish Olympic Committee, who was charged with paid protection and favoring specific creditors. Market watchers will monitor further asset seizures and potential charges as prosecutors piece together the timeline of the exchange's insolvency and the founder's disappearance.